49TH RESIDENTIAL REFRESHER COURSE (RRC ) OF BOMBAY CHARTERED ACCOUN TANTS SOCIETY (BCAS)

49th Residential Refresher Course (RR C) of Bombay Chartered Accountants Society (BCAS) was held between 22nd January, 2016 and 25th January, 2016 at Novotel Imagica, Khopoli.

Mr. Raman Jokhakar, President of BCAS welcomed the participants and highlighted the activities of BCAS.

Mr. Uday Sathaye, Chairman, Seminar Committee gave an idea, to the participants about the 49th RRC and then introduced the Chief Guest Mr. Narendra Sarda, Past President of ICAI.
After lighting of lamp, the inaugural speech was delivered

by Narendrabhai. He dealt with the subject “Identifying, Evaluating & Mitigating Risk in CA Profession”. He presented his views considering the present scenario particularly, the extensive regulations imposed by regulators which were required to be followed by Chartered

Accountants. He explained the need for more planning and elaborate reporting to minimize risk. He emphasized the adoption of technology for survival. Both Internal and External risks were explained by him. His extempore speech in his unique style of presentation without referring to a paper was appreciated by the audience. It was indeed a great experience to learn from Mr. Narendra Sarda.

Mr. Rajesh Kadakia then replied to the issues raised by the group leaders during the course of discussion on his paper Charitable Institutions-Tax issues. He explained in his very lucid style, the various nuances of the provisions of section 11 to 13 of the Incometax Act. He pointed out that these provisions were virtually a self-contained code, and it was necessary to understand them thoroughly before dealing with taxation of charitable trusts.

The session was chaired by Mr. Pranay Marfatia, Past President of BCAS.

23rd January 2016

On 23rd January, 2016 Advocate Shailesh Sheth presented his paper on “Goods and Services Tax (GST)”. He dealt with the subject in depth and voluntarily continued the session in the evening to clarify the doubts of the members.

The session was chaired by Mr.. Govind Goyal, Past President of BCAS.

Mr. Jayesh Gandhi then elaborated “Audit Issues under Companies Act, 2013”. His Audit experience and knowledge added value to his presentation. He dealt with the various controversies arising out of the provisions of the Companies Act 2013. He pointed out that the new provisions had increased the responsibilities on auditors.

The session was chaired by Mr. Ashok Dhere, Past President of BCAS.

24th January 2016

On 24th January, 2016 Mr. Sanjeev Pandit, Past President of the Society made a presentation on “ICDS – Ease of Doing Business”. He explained the various controversies arising out of the new computation standards. He felt that the mandatory compliance with these standards would increase litigation rather than reducing it.

The session was chaired by Mr. Rajesh Shah, Past President of BCAS.

Thereafter, Mr. Jayant Gokhale dealt with “Issues and Pitfalls in Audit as per SAs (Standards on Auditing)”. His presentation on the subject was really an eye opener. Being an Auditor, many times, we miss Auditing Standards while reporting. The points discussed by him based on his experience as Former Central Council Member and Member on Accounting Standard Board was beneficial to the members. His presentation will be remembered in times to come.

The session was chaired by Mr. Rajesh Muni, Past President of BCAS. The evening was made special by Shri Mahesh Dubey. He presented Hindi Poetry. He covered many issues in a poetic manner to convey the feelings of people at large about politicians etc. Not only his presentation but the composition of poetry was also superb & meaningful.
 
25th January 2016

On 25th January, 2016 Mr. Gautam Nayak, presented his views on “Issues under Section 14A 56(2) (vii) (viia) and (viib) of Income-tax Act, 1961”. He replied to the queries raised by members during group discussion. Though the provisions of section 14A and section 56 have been on the statute book for some time the controversies and litigation showed no sign of abating. He explained to the members as to what care one needed to take to mitigate tax risks arising out of these provisions.

The session was chaired by Mr. Anil Sathe, Past President of BCAS.

Some of the members who attended the RRC for the first time gave an encouraging feedback and made suggestions about the 50th RRC to be organized next year.

RRC concluded with some of the enthusiastic members visiting the theme park adjacent to the venue. Overall, it was a very successful programme, like every year